Federal Reserve Chairman Ben Bernanke agrees, at least in terms of a stimulus. The Fed is meeting today and Wednesday and is widely expected to cut the federal funds rate to 1 percent, down from 1.5 percent now.

“With some risk of a protracted slowdown, consideration of a fiscal package by Congress at this juncture seems appropriate,” he told Congress last week.

Economic guru Nouriel Roubini says stock markets around the world have a lot further to fall and that the S&P 500 index could plunge another 30 percent or more.“We’re entering a severe two-year recession that hasn’t been fully priced into financial markets,” Roubini told...